National income is calculated by subtracting ____ from GDP
a. depreciation.
b. investment and net exports.
c. Social Security insurance contributions and transfer payments.
d. corporate and personal income taxes.
a
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What is productive efficiency?
A) a situation in which firms produce as much as possible B) a situation in which resources are allocated such the last unit of output produced provides a marginal benefit to consumers equal to the marginal cost of producing it C) a situation in which resources are allocated such that goods can be produced at their lowest possible average cost D) a situation in which resources are allocated to their highest profit use
"Internal economies" derive from all of the following except
(a) Division of labor (b) Production of standardized products (c) The use of mass production techniques (d) There is no "except"; all of the above apply